The United Steelworkers Union has reached a tentative agreement with US refiners that will avoid a strike that could have begun at 12:01 a.m. this morning. Royal Dutch Shell plc (NYSE: RDS-A) led negotiations on behalf of industry players including among others Exxon Mobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), Valero Energy Corp. (NYSE: VLO), Marathon Petroleum Corp. (NYSE: MPC), and Tesoro Corp. (NYSE: TSO).
Details of the settlement will not be revealed until union members vote on the contract, which could take several weeks. The contract runs for three years.
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